Physician Loans: 14 Things Every Doctor Should Know
The medical profession is a noble one. Doctors do not have regular jobs. They dedicate their careers to making others feel better. This is a huge responsibility, though. So, to help out doctors, Bajaj Finserv has come up with a special product. This can help doctors in their great mission. Healthcare professionals can take a Doctor Loan to improve their practice. Such a loan can also help them move forward in their careers. If you are a doctor and looking to apply for a loan, this article will tell you what every doctor should know before taking a doctor’s loan.
Things to Remember Before Taking a Doctor Loan
Prepare a Budget:
Remember this important point. Make sure you have a budget in place. Then you can know the exact amount you need to borrow. Take a loan that is enough to meet your professional needs. Do not borrow more than you need.
Purpose Of The Loan:
Doctor loans are small business loans for doctors. Why are you taking this loan? Do you want to buy a clinic? Do you need to get some medical equipment? Know your purpose. Then it may become easier to manage your loan. It can also save you from spending carelessly later.
Loan is a Liability:
Keep in mind that a loan is a liability. It does not matter how small the amount is. So, calculate your other financial commitments first. See where you stand financially before taking a professional loan for doctors.
Close Your Other Loans:
Are you a young doctor? Then you may still have an open education loan or personal loan. Close all your other loans before applying for a doctor loan. This can have a positive impact on your credit score.
You have to meet the doctor loan eligibility criteria. These are set by the loan provider. So, first check the list. Make sure you are eligible for the loan. This can prevent loan rejections and keep your credit history stable.
Check Your Credit Score:
A doctor loan is an unsecured loan. So, you need to have a good credit score to be eligible for it. Check your credit score before applying. You can do this on the official CIBIL website.
Look for a good doctor loan interest rate before applying for the loan. Choose a reputed lender like Bajaj Finserv. They may give the best loans at competitive interest rates.
Choose the right EMI:
You may be in a hurry to close your doctor loan. But do not choose EMIs that are too high. It may become a financial burden for you. Instead, choose an affordable EMI scheme.
Check the Foreclosure Clause:
Do you wish to prepay your loan? Then the lender might attach a fee for this. Find out about foreclosure charges in advance. Some lenders do allow you to prepay the loan with idle funds as well. Research well and start planning your finances.
As a doctor, you may be busy. There is no need to run from one lender’s office to the other. Doctor loans are available online. You can apply for them quickly and without any hassles.
Reduce Your Expenses:
Suppose you take a doctor loan. Then try to reduce other expenses. This would reduce your financial strain. Save enough money so you could take care of sudden expenses that come up.
Set up an auto-pay option:
Repaying the loan must be a priority. So, set up an auto-pay option with your bank. This can ensure you pay EMIs without fail. Every doctor has a reputation. You must do everything you can to maintain it.
Also Read : A Handy Guide To Doctor Loans In India
Top Up if Needed:
Start with a small loan amount. You can get a top up later if the need arises. Do not take a big loan right away. Then you may end up with a lot of unused loan money.
Clear Your Doubts:
As a top loan provider, Bajaj Finserv have excellent customer support cells. Do not hesitate to contact us if you have any doubts before applying for a doctor’s loan.
Keep these tips in mind to make professional loans for doctors work for you. Check the doctor loan interest rate. Choose a loan that suits your needs. This may help you reach your goals and move ahead in your career.